1 year ago
Binance’s caller blameworthy plea successful the United States could interaction its plans to grow into Hong Kong, the South China Morning Post (SCMP) reported connected Nov. 24, citing manufacture experts.
On Nov. 20, Binance, the largest crypto speech by trading volume, agreed to a $4 cardinal colony with the U.S. authorities, with its laminitis Changpeng ‘CZ’ Zhao resigning arsenic CEO after pleading guilty to wealth laundering charges.
According to the SCMP report, this improvement could importantly interaction HKVAEX, a section crypto level with links to Binance, and trim its chances of securing licensing successful the Asian state owed to its strict regulatory regime.
Hong Kong’s Securities and Futures Commission (SFC) imposes strict regulations for Virtual Asset Trading Platform applicants and applies these rules to the large stakeholders of these firms. As such, individuals connected to an speech seeking support indispensable not person violated anti-money laundering laws successful Hong Kong oregon globally nor person superior transgression records.
However, it is unclear however this could interaction the licensing process, arsenic HKVAEX reportedly said it is an autarkic platform. At the aforesaid time, Binance claims that the Hong Kong-based speech had nary affiliation with its radical of companies.
SFC’s presumption connected Binance
SCMP further reported that Elizabeth Wong, the manager of licensing and caput of Fintech astatine the SFC, expressed uncertainty astir whether Binance’s caller blameworthy plea successful the U.S. mightiness interaction its chances of securing a licence successful the region.
Wong highlighted the trouble successful predicting whether the exchange’s exertion would beryllium approved oregon rejected, emphasizing that factors specified arsenic its marketplace introduction attack and organizational operation would importantly power the destiny of the application.
Additionally, the SFC authoritative noted that Binance is not presently among the virtual plus trading platforms seeking a licence successful the region.
The station Binance’s blameworthy plea casts shadiness implicit imaginable Hong Kong expansion appeared archetypal connected CryptoSlate.
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